Bitcoin, Bitcoin (BTC), China, Cryptocurrency, ETH, Ethereum, Ethereum (ETH), Hong Kong, Meitu, meitu app, Meitu HK, publicly listed company, Smartphone, Smartphone Apps, store of value, tech bitcoin

The China-based smartphone and internet app maker Meitu has announced the acquisition of $10 million worth of bitcoin for its treasury after the firm purchased digital assets two times prior last month. The company’s cryptocurrency holdings now stack up to $100 million worth of ethereum and bitcoin.

Meitu Stacks Another 175 Bitcoin, $100 Million in Crypto Recorded on its Balance Sheet

Meitu has revealed another cryptocurrency purchase after it announced two purchases last month. According to the announcement, on April 8, 2021, Meitu HK which is listed on the Hong Kong stock exchange, purchased a touch over 175 BTC. The company detailed it paid $10 million for the acquisition and to date, Meitu now holds $100 million worth of ethereum (ETH) and bitcoin (BTC) on its balance sheet.

“The board is pleased to announce that on April 8, 2021, Meitu HK had, pursuant to the Cryptocurrency Investment Plan, further acquired in open market transactions, an additional 175.67798279 units of bitcoin at an aggregate cash consideration of approximately US$10 million under the further bitcoin acquisition,†Meitu’s announcement said.

Bitcoin.com news covered the company’s past two purchases during the first two weeks of March 2021. When our newsdesk reported on the company, Meitu already held $40 billion worth of ETH and BTC. In our second report, Meitu managed to stack $90 million worth of digital assets to add to its “Cryptocurrency Investment Plan.â€

Bitcoin: ‘A Superior Form to Other Alternative Stores of Value’

The company’s latest announcement says that bitcoin serves as “a good alternative store of value†because of the crypto asset’s “limited in supply, its exchangeability into fiat money or goods and services, portability, and its potential to act as an effective hedge against depreciation of fiat currencies.â€

The company adds:

Meitu started 13 years ago and has become a well known firm in China for its photo selfie applications and smartphone technology. More recently, Meitu says that its board members have seen a “growing momentum†when it comes to cryptocurrencies. The company has noted well-established firms and operations like insurance companies making investments into crypto.

“An increasing number of listed companies are purchasing cryptocurrencies as part of their treasury management, as well as considering accepting cryptocurrency as a form of payment for their goods and services,†the company’s announcement concludes.

What do you think about Meitu purchasing another 175 bitcoin this week? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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